Journalizing transactions (Learning Objective 3) 15–20 min.

Annabel Marshall practices law under the business title Annabel Marshall, Attorney at Law, Inc. During April, her law practice engaged in the following transactions:

Marshall’s business uses the following accounts: Cash, Accounts Receivable, Supplies, Land, Office Equipment, Accounts Payable, Notes Payable, Common Stock, Dividends, Service Revenue, Salaries Expense, Rent Expense, and Utilities Expense.
Requirement 1. Journalize each transaction. Omit explanations.AppendixLO1

Transcribed Image Text:

Apr 1 Sold $40,000 of common stock to Marshall to start the business. Paid $600 for the purchase of office supplies. Paid $28,000 cash to purchase land for an office site. 12 Purchased office equipment on account, $1,800. 26 30 Borrowed $5,000 from the bank. Marshall signed a note payable to the bank in the name of the business. Paid $2,600 on account. Revenues earned during the month included $15,000 cash and $27,000 on account. 30 Paid employees' salaries, $2,900; office rent, $1,400; and utilities, $700. 30 Paid $9,000 of dividends to stockholder, Marshall.